Thursday, April 28, 2011

Where’s the money, Jim?

Several clients of Superior Discount Coins owner and gold coin investor Jim Burg say he took tens of thousands of dollars of their retirement money and never delivered the gold coins he promised.

Some sued Jim Burg. Court records I dug up show he didn’t respond to lawsuits.

Then I discovered evidence showing Burg’s beautiful ranch in Fairplay and his home in Breckenridge have already been to the foreclosure auction. His condo San Diego condo overlooking the Padres ball park is in trouble because his HOA says he hasn’t paid dues.

Jim Burg had his chance to respond to lawsuits. He had more than two years to pay his clients.

I decided it was time to confront him and ask “Where’s the money, Jim?”

My producer and I drove to his ranch in Fairplay expecting to knock on his door. As we headed down the road leading to his property, a Porsche passed us going the opposite direction. Burg’s former clients previously told us that what he drove. We made a quick U-turn and followed it.

The Porsche wasn’t going into Fairplay, it headed to Breckenridge and traveled fast… just fast enough to lose us.

Driving through Breckenridge we spotted the Porsche and Burg in a grocery store parking lot.

He was out of his car and in the store so fast we were forced to wait for him to come out. It seemed like we waited for nearly a half hour in the snow and freezing temperatures. Neither of us had heavy jackets.

Plenty of people gathered to watch what was about to unfold.

As Burg walked out of the grocery store I started asking him questions.

He didn’t answer my questions with specifics. He pledged people would get their money, the same thing he has told his former clients for years.

He then drove away in a Porsche with temporary plates.

Since our meeting in the parking lot, I’ve left Jim Burg several phone calls, written him a letter and emailed him. He has not communicated with me at all.